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DWile
Returning Member

Schedule K-1

I received a K-1 from an LLC which shows an amount in Line 11 Other Income. The code is H which is Subpart F Income. I am told this income should be taxable, but when I entered it, Turbo Tax is not considering it Taxable Income. Am I perhaps not entering it correctly? Any help is appreciated.

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3 Replies
Anonymous
Not applicable

Schedule K-1

this type of income is not provided for in the TT program so it goes nowhere.  The LLC should have provided you with a supplemental schedule for how to report.

from IRS 1065 K-1 instructions

box 11 code H

Code H. Income under subpart F (other
than inclusions under sections 951A and
965). The partnership will provide your
share of subpart F inclusions other than
sections 951A and 965 inclusions.
Attach a statement to the Schedule K-1 (the partnership not you should have done this)
identifying any subpart F inclusion
attributable to:
• The sale or exchange by a controlled
foreign corporation (CFC) of stock in another
foreign corporation described in section
964(e)(4), or
• Hybrid dividends of tiered corporations
under section 245A(e)(2).

DWile
Returning Member

Schedule K-1

So I guess I can't use Turbo Tax if I have this type of income?

 

Schedule K-1

@DWile 

Did you ever find how to report this income correctly? (K-1 box 11 code H: Subpart F Income).

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